JOYY (NASDAQ:JOYY) Hits New 52-Week High – Time to Buy?

JOYY Inc. Sponsored ADR (NASDAQ:JOYY) hit a new 52-week high during trading on Tuesday. The company traded as high as $81.34 and last traded at $81.03, with a volume of 23953 shares changing hands. The stock had previously closed at $80.50.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on JOYY shares. Benchmark reiterated a “buy” rating on shares of JOYY in a report on Wednesday, August 26th. Jefferies Financial Group restated a “buy” rating and issued a $87.00 target price on shares of JOYY in a report on Wednesday, August 26th. Citigroup reaffirmed a “buy” rating on shares of JOYY in a report on Wednesday, July 22nd. JPMorgan Chase & Co. raised shares of JOYY from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $35.00 to $98.00 in a report on Wednesday, August 12th. Finally, Weiss Ratings raised shares of JOYY from a “hold (c-)” rating to a “buy (b)” rating in a research note on Friday, August 28th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $83.40.

JOYY Price Performance

The stock’s 50 day simple moving average is $75.98 and its 200-day simple moving average is $67.88. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of 19.15 and a beta of 0.38.

JOYY Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Wednesday, September 30th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 7.7%. The ex-dividend date is Wednesday, September 30th. This is a positive change from JOYY’s previous quarterly dividend of $1.50. JOYY’s dividend payout ratio is currently 147.49%.

Institutional Trading of JOYY

A number of hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its position in JOYY by 167.7% during the first quarter. EverSource Wealth Advisors LLC now owns 613 shares of the company’s stock worth $36,000 after buying an additional 384 shares in the last quarter. Ramsey Quantitative Systems bought a new stake in shares of JOYY in the 2nd quarter worth approximately $63,000. Integrated Wealth Concepts LLC bought a new stake in shares of JOYY during the second quarter valued at approximately $65,000. Nykredit A S acquired a new position in shares of JOYY in the second quarter valued at $110,000. Finally, DGS Capital Management LLC bought a new position in JOYY in the fourth quarter worth $232,000. 36.83% of the stock is owned by institutional investors.

JOYY Company Profile

JOYY Inc (NASDAQ: JOYY) is a global technology company that operates social media, live-streaming and digital entertainment platforms. The company’s services enable users to create and share content, communicate in real time, and participate in online communities through video, audio and messaging formats.

JOYY’s portfolio has included BIGO Live, a live-streaming platform; Likee, a short-form video and social networking application; and imo, an instant messaging and communications service.